Ally Financial. foreclosures and evictions, said the person, who declined to be identified because the matter hasn’t been formally disclosed. GMAC told agents to halt evictions in 23 states on Sept.
Ally’s gmac mortgage halts home evictions in 23 States Washington Post : “Some of the nation’s largest mortgage companies used a single document processor who said he signed off on foreclosures without having read the paperwork – an admission that may open the door for homeowners across the country to challenge foreclosure proceedings .”
NEW YORK, Sept 24 (Reuters) – GMAC Mortgage, one of the largest servicers. The company said it has suspended evictions and post-foreclosure closings in 23 states. It has not halted foreclosure.
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Detroit-based Ally Financial Inc. halted evictions in the 23 states. glut of foreclosures. Ally, formerly known as GMAC, includes Ally Bank and Residential Capital. It is the fourth-largest.
Bank of America, the largest U.S. mortgage servicer, had last week suspended all foreclosure proceedings in the 23 states where foreclosure must be approved by a judge. J.P. Morgan Chase & Co. (JPM) and GMAC Home Mortgage Inc., a unit of Ally Financial Inc., had announced similar plans earlier.
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Ally Financial said Tuesday that its GMAC mortgage unit has hired legal and accounting firms to conduct independent reviews of its foreclosure procedures in all 50 states. Ally’s move comes just days after Bank of America expanded its freeze on foreclosure sales from 23 states that require a court order for an eviction to all states.
· NEW YORK – Ally Financial Inc.’s GMAC Mortgage unit, which suspended evictions in 23 states last week after finding that employees didn’t verify foreclosure documents, was sanctioned in.
Ally Financial, formerly GMAC Mortgage, said previous reports of a foreclosure moratorium in 23 states are not true, and it is instead addressing an issue raised with the execution of one or more.
Amid growing public anger over U.S. home seizures, Bank of America has suspended some of its foreclosures and JPMorgan Chase has come under investigation in California and Connecticut.
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GMAC, the struggling financing arm of General Motors, whose mortgage arm holds $26 billion of mortgages, just suspended foreclosures in 23 states in a harried, chaotic policy shift. Ally Financial.
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